An elderly Bitcoin whale has reactivated its wallet after not using it for almost 14 years, according to crypto tracker Whale Alert, which is well-known for noticing significant movements in cryptocurrencies.
No one has used this wallet since early 2011, just a few months after the enigmatic BTC creator Satoshi Nakamoto said farewell to the BTC community and disappeared. This recent event is under discussion among the crypto community as it made so much money and occurred at the ideal moment.
Bitcoin Value Skyrockets Dramatically
The 121 bitcoins in the wallet in 2011 were worth $126 overall. In October 2024, the value of that identical hoard soars to $7.53 million, a staggering 5,972,920% increase from its 2016 value.
The rapid increase in value prompts one to question the identity of the owner of this old wallet and the reason for its sudden reactivation. Cullen Hoback’s highly anticipated HBO documentary Money Electric: BTC Mystery coincided with this finding.
The documentary looks into the ongoing puzzle of who created BTC and controversially names early BTC developer Peter Todd as Satoshi Nakamoto. Hoback says that Todd’s activity on the BitcoinTalk site, where he replied to Nakamoto’s last post from his own account, could be proof of a link.
Still, many of the Bitcoin community members are unsure about this. One of Dogecoin’s founders, Billy Markus, claimed that the concept was flawed and that Hal Finney, an early BTC developer ALS-stricken, is a more likely contender.
Others speculate that Len Sassaman, a cryptographer who died soon after Nakamoto disappeared in 2011, may have invented Bitcoin.
Peter Todd has denied the allegations, saying the video threatened his life. “Hundreds or even thousands of people could have made Bitcoin,” he stated on social media. Furthermore, he warned, it might never be feasible to conclusively identify Satoshi Nakamoto.
